Le Cac 40 une nouvelle fois plombé par Sanofi, qui plonge de 20% en trois jours

Le Cac 40 une nouvelle fois plombé par Sanofi, qui plonge de 20% en trois jours

The initial rise made the Cac 40 “pschitt”, again weighed down by its heavy weight and fifth capitalization of the index, Sanofi. At noon, the flagship index lost 0.28% to 6,506.24 points. The action of the pharmaceutical laboratory sinks it, still about 12%, which brings its fall to 20% in the space of three sessions.

At the origin of this stock market tornado, the announcement this Tuesday of the suspension of contracting worldwide as part of the trials carried out with its drug tolebrutinib in multiple sclerosis. This led to the investigation office of UBS to review the case and decide not to be a buyer of the title. In particular, investors seem to recall that Sanofi will soon face lawsuits in several US courts, including in Illinois in a few weeks, over allegations that the gastrointestinal drug Zantac could cause various forms of cancer or other ailments.

Not enough to benefit, therefore, from futures contracts once again well oriented in the United States, of the order of 0.2% to 0.4% according to the indices despite their strong progression the day before (+1.6 % for the Dow Jones, +2.8% for the Nasdaq). Traders remain relieved after the publication of somewhat more lenient inflation figures than expected by the consensus, 8.5% one year and 5.9% in “core” data, which gives hope that the Fed will be less aggressive in September at its next monetary policy meeting.

Cut rates in 2023? “Unrealistic”

The slowdown in the consumer price index in July is likely to be a huge relief for the Federal Reserve, especially since the Fed has long insisted that inflation was transitory, which it was not.estimated last night Nancy Davis, of Quadratic Capital Management, for CNBC. If we continue to see declining inflation, the Federal Reserve may start to slow down its monetary tightening. »

The president of the Chicago Fed, Charles Evans, was quick to welcome the figures presented on Wednesday, stating that the stagnation of consumer prices in July (+0% in one month compared to the +0.2% anticipated by the consensus and above all +1.3% in June) is the first “positive” inflation statistic since the Federal Reserve began to tighten its monetary policy. However, he sees rates continuing to rise in 2023, unlike the more (overly) optimistic. His colleague from Minneapolis, Neel Kashkari, but until a while ago among the most “pessimistic”, considers that it would be completely unrealistic to lower rates next year.

Double Date in September

At Pimco, we’re also staying vigilant. With falling energy prices, June is likely to mark the peak of the year-over-year headline inflation rate, its economists Tiffany Wilding and Allison Boxer say. However, the annual rate of core inflation is likely to reaccelerate in August and will not peak until September. Because the components behind the truce in July in center – airfares and hotels – tended to be more volatile, while the more “entrenched” (rents/owners-rent equivalent) held firm, at 5.5% and 3.5% respectively over a year to 2022 and 2023. » Double date in September, therefore, for the Fed FOMC and August consumer prices, due just before this meeting… Pimco still expects a 0.75 point rate hike next month, given the continued firmness of core inflation.

Thursday will be an opportunity to look at other price figures, this time in production. Even for July, they should have slowed down to 10.4% in one year, against 11.3% in June. It will also be followed, at 2:30 p.m., by weekly jobless claims, which are expected to be almost stable at around 265,000.

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